WyckoffTrader-AMTurn-03012024
NEWS / FUNDAMENTALS
(Reuters)
Stocks fluctuated over the course of the trading session on Thursday but largely maintained a positive bias before ending the day mostly higher. The major averages all moved to the upside, with the Nasdaq and S&P 500 reaching new record closing highs.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
Since Friday, the price has been creeping downward, searching for support. In the past two days, the price appeared to be basing just above the floor trader weekly pivot of the 5060 handle. The previous day, over Globex's 'S1' level was tested and held a bid. Traders backed off, waiting for the Jobs number, released at 8:30 am. As the numbers came out, the price broke through all the overhead resistance of the previous two days.
At 10:05 am, the bulls dropped the soap and the bears took possession. The price became slightly oversold, and some traders tried to catch a falling knife. However, the bulls quickly regained control and pushed the price up for 15 minutes, reaching the previous day's high of day and the Floor Trader Pivot of R1. The price held just under the opening balance and then quickly gave up those gains. By 11:30 am, the younger bulls who had missed the initial move started to hit the bid.
Just 10 minutes later, at 11:40 am, a bid came in. And why? The price was oversold, and the true bid came in from Daddy Bull. The man in the seat was reluctant to get on board and hit the market order as the price quickly rebounded to the daily pivot and an hour later, the supply line.
By 2:20 pm price has entered into the opening ballance and was ready for a pullback. Price starts to drift down to convlunge around holds the bid around 3:55 pm waiting on the last hour to start. BY 3:10 pm price is trading above R2 which is a strong bullish sign. And takes back the low of the opening range and what do you think happens next?
Price is in a bullish trend, as it has taken back the low of the opening range and is trading above R2. This suggests that the bulls are in control of the market and that the price is likely to continue higher in the near term.
Notice, the fact that the price was able to take back the low of the opening range and trade above R2 is a strong bullish sign. It is also worth noting that the price held the bid around 3:55 pm, indicating that buyers were willing to step in and support the market at that level.
Wyckoff Trader
P.S. If you've read this, you may be wondering when the best time to take a long position would have been. Based on the information provided, it appears that the price began to rebound around 11:40 am, when a bid came in and the true bid came in from Daddy Bull.
The price quickly rebounded to the daily pivot, and the text suggests that the price was oversold at this point. This may have been a potential entry point for a long position.
However, it is always important to carefully consider the risks and to have a well-thought-out trading plan before entering any positions.
We are wrapping up this year and grinding into the next. If Momma gets thrown from the train
1. Average an aggressive market cam move about 150 points in one day.
2. If Algo's decide to go all out REO and "Take It All Away" you could see a 500, 800 to God help us 1,300 point move in a day, across days or a week. Perhaps a month if there is no bid in sight.
3. That is if this market starts to take notice on the news and current events.
Until then…Don't miss any Future FREE Webinar invites or Daily email UPDATES.
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Trading the eMini futures market is risky and volatile, and its performance can change rapidly. Several factors can impact the market's performance, including economic indicators such as GDP growth, inflation, and employment rates. Geopolitical events, such as trade tensions, elections, and global conflicts, can also affect the market. Company performance, including earnings and revenue growth, can also impact the market. Investor sentiment, which reflects the overall attitude of investors towards the market, can also influence market performance.
To minimize potential losses, always use stops when you place your trades, which are predetermined price levels at which a trade is automatically closed if the market reaches that level. Stops can help limit potential losses, but they are not guaranteed, and there is always the risk that a market gap could result in a larger-than-expected loss.
It's essential to understand that predicting the future performance of the eMini futures market is difficult, and it's impossible to predict with absolute certainty what will happen in the future. However, by staying informed and conducting thorough research, you can make more informed decisions.
When trading in the eMini futures market, it's crucial to use only risk capital that can be afforded to lose. This means that you should only trade with money that you can afford to lose without it having a significant impact on your financial well-being. This helps to minimize potential losses and avoid significant financial damage in case the market moves against you.
Be sure to use a stop with every trade placed to help mitigate potential losses, and only trade with risk capital that can be afforded to lose.
With that started here are the "PROSE and THE NUMBAHS"
good morning today is SERIES S2L with the spill up.
News: PMI Manufacturing Final at 9:45, ISM Manufacturing Index & Construction Spending & Consumer Sentiment at 10:00. All times EST.
Last Night: Price tried to take it higher until the PEONS opened up. Price retraced back down to the daily pivot.
Edge: New month end of week. Plenty of room for the how deep is your three.
This day will deterime of bulls have one more left before month close. (that did yesterday)
7/8/9 AM: Found a bid at the daily pivot. Now trying to retrace the range of the spike seen yesterday at the close.
Today: Need to see a strong showing by the bulls to finish out this week
Bulls Want: 08, 12, 19
Bears Want: 92, 88, 75
Globex: 27 handle trading range on 208 volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 13.39
Shape of the day: Could see a 'V' pattern with a dip down to how deep is your three down to the PEON close.
A potential dog leg from lunch high to mid pm low if bulls rule.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm, LAST HOUR HIGH.
Bill Fish (4H/4D) Waiting to see next direction. LONG
Tuna (30m 1+D) Waiting to see next direction. LONG
Sardine (5M-1D) Got long around 11:30 pm and out at the CLOSE. OUT
Pre Opening: Non event after news, price still trading around daily pivot.
The clock is used for timing your entries and exits. Position long at the lows exit at the highs. Get short at the highs buy in at the lows. When the trend is in, WB's clock is your friend!
Your edge is a series of trades, not just one trade or one day.
Dates: February 24 Snow Moon 7:30 a.m. Spring Equinox March 20 5:24 pm (all times est)
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